According to a filing Thursday, Blankfein will receive 88,422 shares in restricted stock. That is equal $14.7 million, based the stock's $166.25 closing price Tuesday, the day the award was made. He will also get $6.3 million in cash, according to Bloomberg, The Financial Times and The Wall Street Journal, which cited either undisclosed sources or past pay formulas that put Blankfein's merit pay at 70% stock and 30% cash. Blankfein also gets a $2 million annual salary.
That all adds up to a raise of 10-11% from last year, the reports say. Goldman shares rose 41% in 2013 and net income rose 7.5%.
Blankfein's pay hike follows JPMorgan Chase
(JPM) counterpart Jamie Dimon's hefty pay raise. While JPMorgan's shares also beat the broader market amid big profits, Dimon's hike attracted more controversy given record fines paid by JPMorgan during 2013. Goldman has also paid billions in fines since 2008, but they have been spread out a bit more evenly over the past few years. Also, for reasons that aren't entirely clear, Blankfein and Goldman attracted loads of criticism in 2009, while lately JPMorgan has attracted more attention. Part of that shift has to do with the "London Whale" trading losses in 2012 by JPMorgan. Also, because it has a large consumer business,JPM more readily stays in the public eye. Goldman is usually better at avoiding the spotlight, though the nature of the 2008 subprime crisis and the slow drip of damning details surrounding its rescue by the government in 2008 filled the public with a special rage against the institution which now merely simmers instead of boils.
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